Myriad Genetics, Inc. (NASDAQ:MYGN) Short Interest Update

Myriad Genetics, Inc. (NASDAQ:MYGN) was the target of a significant growth in short interest in the month of June. As of June 15th, there was short interest totalling 6,090,000 shares, a growth of 26.6% from the May 31st total of 4,810,000 shares. Based on an average trading volume of 749,300 shares, the days-to-cover ratio is currently 8.1 days.

Insider Transactions at Myriad Genetics

In related news, CEO Paul J. Diaz sold 75,000 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $25.07, for a total value of $1,880,250.00. Following the transaction, the chief executive officer now owns 1,066,166 shares of the company’s stock, valued at $26,728,781.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Paul J. Diaz sold 57,844 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $25.13, for a total transaction of $1,453,619.72. Following the completion of the sale, the chief executive officer now owns 1,236,166 shares in the company, valued at $31,064,851.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Paul J. Diaz sold 75,000 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $25.07, for a total transaction of $1,880,250.00. Following the sale, the chief executive officer now owns 1,066,166 shares of the company’s stock, valued at approximately $26,728,781.62. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 142,832 shares of company stock valued at $3,574,217. 2.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Myriad Genetics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. increased its stake in Myriad Genetics by 21.4% during the 4th quarter. Blue Trust Inc. now owns 6,729 shares of the company’s stock worth $129,000 after buying an additional 1,186 shares during the period. Ameritas Investment Partners Inc. increased its position in shares of Myriad Genetics by 9.0% in the 1st quarter. Ameritas Investment Partners Inc. now owns 8,747 shares of the company’s stock worth $186,000 after purchasing an additional 720 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Myriad Genetics by 90.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,805 shares of the company’s stock worth $188,000 after purchasing an additional 4,193 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its position in shares of Myriad Genetics by 388.0% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 10,253 shares of the company’s stock worth $196,000 after purchasing an additional 8,152 shares during the last quarter. Finally, Clarus Wealth Advisors bought a new stake in shares of Myriad Genetics in the 4th quarter worth about $204,000. Institutional investors and hedge funds own 99.02% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MYGN shares. Piper Sandler increased their target price on shares of Myriad Genetics from $23.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, May 13th. Scotiabank started coverage on shares of Myriad Genetics in a report on Thursday. They issued a “sector outperform” rating and a $29.00 target price for the company. SVB Leerink raised shares of Myriad Genetics from a “market perform” rating to an “outperform” rating and increased their target price for the company from $25.00 to $35.00 in a report on Wednesday, May 8th. Jefferies Financial Group reaffirmed an “underperform” rating and issued a $20.00 target price (down from $25.00) on shares of Myriad Genetics in a report on Monday, June 3rd. Finally, Leerink Partnrs raised shares of Myriad Genetics from a “market perform” rating to an “outperform” rating in a research note on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $25.33.

Myriad Genetics Price Performance

Shares of MYGN traded up $0.15 during mid-day trading on Friday, reaching $24.46. The company had a trading volume of 1,490,643 shares, compared to its average volume of 772,794. The firm has a fifty day simple moving average of $22.64 and a 200-day simple moving average of $21.60. Myriad Genetics has a fifty-two week low of $13.82 and a fifty-two week high of $25.95. The company has a quick ratio of 1.82, a current ratio of 1.99 and a debt-to-equity ratio of 0.05.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The company had revenue of $202.20 million for the quarter, compared to analyst estimates of $193.51 million. Myriad Genetics had a negative net margin of 30.30% and a negative return on equity of 6.77%. Myriad Genetics’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.28) EPS. Equities analysts expect that Myriad Genetics will post -0.36 earnings per share for the current year.

About Myriad Genetics

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and pharmacogenomics. It also provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, and metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.